Wall Street indexes end lower as chip, oil stocks drop
By Sinéad Carew and Lisa Pauline Mattackal
Tue October 15, 2024 6:56 PM
After both the Dow and S&P reaching record highs yesterday,
Tuesday saw a pullback with downward pressure from chip stocks and energy
bringing down the tech indexes, particularly with Nvidia falling nearly 5%,
bringing the overall chip index down over 5% and creating a ripple effect into
the other indexes.
But with concerns over chips and the AI market, the good news is that there were about the same number of tech companies gaining as losing (2100 stocks rose, 2200 fell). But with the megacaps being among the losers, they brought the whole index down. To compensate, there was a rotation into defensive stocks with the big gainers being real estate, consumer staples, and utilities. The 4-week average came in at about 12.2 billion and today’s volume was higher at 12.8 billion.
DJ: 43,065.22 +201.36 NAS: 18,502.69
+159.75 S&P: 5,859.85
+44.82 10/14
DJ: 42,740.42 -324.80 NAS: 18,315.59
-187.10 S&P: 5,815.26
-44.59 10/15
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